PROPERTY TRANSFER TAX AMENDMENTS

Blog by Ian Watt | February 21st, 2007

PROPERTY TRANSFER TAX AMENDMENTS

It was announced in the provincial budget yesterday that the First Time Home Buyers' Program Thresholds have changed. Effective for registrations starting today, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program is increased and will apply throughout the province. The new threshold will be $375,000 which is increased from $325,000 in the Capital Regional District, Fraser Valley Regional District and Greater Vancouver Regional District, and from $265,000 in all other areas of the province. A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.